If your goal is to do a full-on restoration, and this bike is definitely worth it, I'd forgot about painting it yourself. You're just not going to do it justice, unless you happen to have a sandblaster and professional paint booth at home.
Take it to a LBS, have them strip the frame and put all the parts in a box. Take it somewhere that will sandblast it down to bare metal, and then either paint or powder coat it. I like powder coating myself, but you do lose a slight bit of detail around the lugs.
Then you reassemble it, using whatever combination of old parts and new upgrades you want. That's the fun part. You end up with a brand new bike that you can keep forever.